AbCellera Biologics Inc. (NASDAQ:ABCL) Sees Significant Growth in Short Interest

AbCellera Biologics Inc. (NASDAQ:ABCL) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 19,720,000 shares, an increase of 7.1% from the May 31st total of 18,420,000 shares. Based on an average trading volume of 1,500,000 shares, the days-to-cover ratio is currently 13.1 days. Currently, 9.6% of the shares of the stock are short sold.

Institutional Investors Weigh In On AbCellera Biologics

Several large investors have recently modified their holdings of ABCL. Baker BROS. Advisors LP boosted its stake in AbCellera Biologics by 20.1% during the first quarter. Baker BROS. Advisors LP now owns 27,525,640 shares of the company’s stock worth $124,691,000 after acquiring an additional 4,615,887 shares in the last quarter. Nan Fung Group Holdings Ltd boosted its stake in AbCellera Biologics by 307.1% during the first quarter. Nan Fung Group Holdings Ltd now owns 50,971 shares of the company’s stock worth $231,000 after acquiring an additional 38,450 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new position in AbCellera Biologics during the first quarter worth $239,000. Seelaus Asset Management LLC bought a new position in AbCellera Biologics during the first quarter worth $68,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in AbCellera Biologics during the first quarter worth $454,000. 61.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, KeyCorp lowered their target price on AbCellera Biologics from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $16.17.

AbCellera Biologics Price Performance

AbCellera Biologics stock opened at $2.78 on Tuesday. The business has a 50 day moving average of $3.60 and a 200-day moving average of $4.52. AbCellera Biologics has a 1 year low of $2.71 and a 1 year high of $8.05. The company has a market capitalization of $817.47 million, a P/E ratio of -5.35 and a beta of 0.45.

AbCellera Biologics (NASDAQ:ABCL) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. AbCellera Biologics had a negative net margin of 410.47% and a negative return on equity of 12.61%. The company had revenue of $9.95 million during the quarter, compared to analysts’ expectations of $10.73 million. During the same period in the prior year, the company posted ($0.14) earnings per share. AbCellera Biologics’s revenue for the quarter was down 18.4% compared to the same quarter last year. Equities analysts anticipate that AbCellera Biologics will post -0.6 EPS for the current year.

About AbCellera Biologics

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company's preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.